By Devika Patel
Knoxville, Tenn., March 23 – Layne Christensen Co. arranged a private placement of $71 million of 11% senior unsecured notes due Oct. 16, 2019 with two funds advised by Corre Partners Management, LLC on March 19, according to an 8-K filed with the Securities and Exchange Commission.
The notes may be prepaid at any time.
Proceeds will be used to repay the company's 8% convertible notes or 4.25% convertible notes at maturity.
Layne Christensen is a water management, construction and drilling company based in the Woodlands, Texas.
| Issuer: | Layne Christensen Co.
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| Issue: | Senior unsecured notes
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| Amount: | $71 million
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| Maturity: | Oct. 16, 2019
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| Coupon: | 11%
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| Price: | Par
|
| Call feature: | At any time
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| Investors: | Corre Partners Management, LLC
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| Pricing date: | March 19
|
| Distribution: | Private placement
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